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BOE’s Ramsden Sees Some Commercial Real Estate Being Scrapped

Dave Ramsden

Dave Ramsden

Photographer: Simon Dawson/Bloomberg

Some commercial real estate in the U.K. could end up being scrapped as companies decide they no longer need so much office space in the wake of the coronavirus pandemic, according to Bank of England Deputy Governor Dave Ramsden.

Referring to new office blocks in London’s financial center, Ramsden said not all will go back to their old usage now that firms and employees have become used to working from home. The extent of the change could be reduced if an effective Covid vaccine is found soon.